Posted on: 23rd Nov, 2009 05:00 am
Current house for sale is a VA loan. Second house being built will be done with the remaining of my entitlements. Only other obligations on credit reports is a $661 car not and a $80 minimum CC payment. DTI with new mortgage will come out to 55%. Current house is $1160 /month and new house will be around $1450/per including PITI
689 and 701(EQ and TU) FICO score from MYFICO.com. Residual income is $1800 which is way over VA minimum. Gross $5950 with tax free income being BAH of 1300ish, BAS of $323, jump pay of $150 and special duty pay of $375. Have $35000 in reserves and $15000 in retirement account.(Not sure is my reserves are considered good in the eyes of an UW)
SO my question is if my current house does not sell how difficult will it be for a LO to push my it thru(based of of whats here I know more info would be need. Just would lie opinions) Thank you
689 and 701(EQ and TU) FICO score from MYFICO.com. Residual income is $1800 which is way over VA minimum. Gross $5950 with tax free income being BAH of 1300ish, BAS of $323, jump pay of $150 and special duty pay of $375. Have $35000 in reserves and $15000 in retirement account.(Not sure is my reserves are considered good in the eyes of an UW)
SO my question is if my current house does not sell how difficult will it be for a LO to push my it thru(based of of whats here I know more info would be need. Just would lie opinions) Thank you
It all depends.
Thing is, I believe you would have to sell the other house in order to use the va.
There is one more issue. If the house doesn't sell, the lender will look at the distance from the old to the new and the size of the old to the new. If you are down sizing, they may question whether or not you are buying a primary residence, with out a reasonable explaination.
My suggestion to you is this. You will, one way or another, need to allow a lender to pull your credit. We have a system called desktop underwriter. It allows us to manually enter all the specs of the loan and it will come up with an approve eligible, or a refer. In the case of a refer, there aren't many that will over turn that decision. With the right compensating factors, you might find a lender willing. If you get an approve through the automated, there are few lenders out there that will deny you, they would know you are selling your home, so that might help off set that high dti.
So, back to the suggestion, call a lender that can qualify you. Any one of us here can do so as long as we are licensed in your state. Or you can call a local lender and set up a meeting.
Good luck, I hope i have answered your question
Thing is, I believe you would have to sell the other house in order to use the va.
There is one more issue. If the house doesn't sell, the lender will look at the distance from the old to the new and the size of the old to the new. If you are down sizing, they may question whether or not you are buying a primary residence, with out a reasonable explaination.
My suggestion to you is this. You will, one way or another, need to allow a lender to pull your credit. We have a system called desktop underwriter. It allows us to manually enter all the specs of the loan and it will come up with an approve eligible, or a refer. In the case of a refer, there aren't many that will over turn that decision. With the right compensating factors, you might find a lender willing. If you get an approve through the automated, there are few lenders out there that will deny you, they would know you are selling your home, so that might help off set that high dti.
So, back to the suggestion, call a lender that can qualify you. Any one of us here can do so as long as we are licensed in your state. Or you can call a local lender and set up a meeting.
Good luck, I hope i have answered your question